Gwadar Free Zone Embarks on Export Endeavor with Tax Exemption in 2023
In a significant development, the Gwadar Free Zone (GFZ) has initiated exports, benefitting from a 20-year tax and customs duty exemption.
In addition to international exports, both the South and North sectors of GFZ have commenced supplying trade goods and manufactured items to the local Pakistani market. These transformative measures, in alignment with the e-Custom (Web-based One Custom – WeBOC) system, are designed to propel Pakistan towards its aspiration of becoming a high-performing export-oriented nation in the global trade arena.
P.c. Ali Ather
One notable player in this venture is Agvon, a company situated in the Gwadar North Free Zone specializing in fertilizer import and processing. Agvon plans to sell 20,000 tons of potassium sulfate to both Pakistani and international markets, with production set to commence early next year. The company has already acquired 10 acres of land, and construction of the manufacturing facility is underway.
Furthermore, HK Sun Corporation, another industrial entity within the Gwadar Free Zone, will export its products to the domestic tariff area in Pakistan.
A Gwadar Free Zone official elaborated on the introduced import and export functionalities, which include inbound shipments to the Gwadar Zone from abroad through transshipment via Karachi and Gwadar Ports, as well as outbound exports to both the tariff area and international markets. Additional procedures are anticipated in the upcoming week, as outlined in a document from Pakistan Customs.
He emphasized that these export initiatives, facilitated by WeBOC, will invigorate the industrialization efforts and foster increased commercial activities in Gwadar and the surrounding region, ultimately enhancing logistic services.